Page 70 - Q&A

You will then receive the title deed to your home from the cancellation attorney.
This title deed reflects your ownership of your property and should be carefully
stored. Once lost, it can be an expensive exercise to replace such a title deed.

Once the home loan is cancelled you no longer have to pay life insurance
premiums to the bank or any bank charges or banking fees. As cancelling your
home loan also means you are cancelling your home insurance with the bank,
it will be important to without delay ensure that you take out the necessary
insurance cover for your home.
If you are unsure about the exact pros and cons of cancelling your home loan,
consider talking to your attorney and banker for more information about the
options at your disposal.

Property

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